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Toncoin (TON) shocked the broader crypto market after its price decoupled from Bitcoin (BTC) and recorded a 6% peak. Toncoin’s price increase comes as bullish developments have triggered significant adoption for the asset.
TON breaks key resistance as integration boosts sentiment
Data from CoinMarketCap shows that while Bitcoin experienced a growth of 1.3%, the price of Toncoin climbed higher as its technical momentum changed to bullish. In particular, TON breached the $2.25 resistance level as the Binance-Telegram QR payment system triggered positive sentiment in the market.
The integration could lead to significant adoption of TON if users adopt the crypto asset as a payment alternative.
It could drive its utility and demand, leading to increased value for Toncoin in the long run. If adoption rates increase or Telegram expands this feature to other regions, the current increase in value could stabilize and climb higher.
At press time, the price of Toncoin was changing hands at $2.26, which represents an increase of 6.27% in the last 24 hours. TON rose from a low of $2.08 in early trading to a high of $2.28. Although market volatility has caused a slight loss, it is still trading above the $2.25 resistance level.
However, the volume of business remained in the red zone and fell by 2.3% to $209.53 million. A corresponding increase in this metric could trigger a rally for Toncoin and push the price towards the $3 target.
To do this, Toncoin the bulls need to step up and shows support for large volume transactions.
Toncoin’s momentum is growing before November
It is likely that if the price of Toncoin exceeds $3, the asset could receive a boost to reach a high of $5.30.
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According to chain analyst Ali Martinez, TON could hit this target if it is consistent remains above $2.87 amid the uncertainty of the crypto market. With Toncoin currently decoupled from Bitcoin, investors may want to wait and see if it can retest this prediction.
Market watchers monitor trading volume as it holds the key to any significant movement at this critical point.
With November less than 24 hours away, analysts believe that Toncoin could record positive numbers given the average of 11.2% of assets. growth rate in the month. In the last four years, TON has only closed November in the red once – in 2021.
